Chapter%201%20Student%20Handouts

Chapter%201%20Student%20Handouts - Your answers to What do...

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Your answers to: “What do you think marketing is?” Getting your company’s name out there and making people want your product Finding new ways to promote your product More than advertising—pricing & distribution Positioning the brand in a favorable way Strategies to overcome sales objections Set of activities designed to expedite the transaction process
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Formal definitions of marketing: The American Marketing Association’s (AMA) 2007 definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The AMA’s 2004 definition, which appears in your text: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (This is the definition found on p. 8 of your text.)
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Some keys to the definitions: An organizational function , this has been  broadened/modified in the new (2007) definition:  “Marketing is the activity, set of institutions…”
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